The UK government said that UK companies will need encryption companies to collect data from every trade and transfer them in the United Kingdom starting January 1, 2026 as part of a wider effort to improve the tax reports of encryption.
Everything starts from the full name of the user, the home address and the tax identification number must be collected and reported to each transaction, including the cryptocurrency used and the amount that is transferred, UK revenues and customs He said In the May 14 statement.
Details of companies, confidence and charities that deal with encryption platforms should also be reported.
Failure to comply with or inaccurate reports may bear the penalties of up to 300 British pounds ($ 398.4) for each user. The UK Revenue and Customs Ministry said that it will inform the companies about how to comply with the measures received in time.
However, UK authorities encourage encryption companies to start collecting data now to ensure the willingness of compliance.
The new base is part of the UK’s integration of the Economic Development Organization for the report of Cryptoasset to improve transparency in reporting the encryption tax.
Changes reflect the goal of the UK government to create a more powerful organizational framework that supports industry growth while ensuring consumer protection.
Related to: Bitwise lists four Etps Crypto on the London Stock Exchange
UK Chancellor Rachel Reeves also submitted a draft law in late April to bring encryption exchanges, mediator and mediator within its organizational reach to combat fraud and fraud.
“An advertisement today sends a clear signal: Britain is open to work – but it is closed to fraud, abuse and instability,” Reeves said at that time.
A study by the UK’s Financial Conduct Authority found that 12 % of the UK adults possess an encryption in 2024 – a significant increase from 4 % mentioned in 2021.
The UK’s approach to the European Union Mika contrasts
The United Kingdom’s transition to integrating the coding rules in its current financial framework contrasts with the European Union’s approach, which introduced new markets as part of the regulation of encrypted buttons last year.
According to To the Mica Crypto Alliance, one of the main differences is that the UK will allow foreign stablecoin exporters to work in the UK without the need to register.
There will also be a cover on Stablecoin sizes, unlike the European Union’s approach, which may impose controls on Stablecoin’s exporters to manage regular risks.
magazine: Crypto wanted to topple banks, and now it’s in Stablecoin fighting
Related Articles
